Memo RM1996-2
To: All State-Chartered Banks
From: W. Newton Male, Bank Commissioner
Date: February 23, 1996
RE: Revenue Bonds Eligible for Pledging
Comptroller Warrants
Clarification of Appraiser Qualifications
A. Revenue Bonds Eligible for Pledging.
You will find enclosed the latest version of the list of revenue bonds that have been approved by the Commissioner for pledging to public funds.
B. Comptroller Warrants.
At least two state-chartered banks have recently received paper documents called "Comptroller Warrants", "Certified Bankers Checks" or "Certified Money Orders". These documents are not valid and have no financial value. If your bank is presented with one of these documents, you should follow the directions given in the enclosed OCC ALERT 96-3.
C. Appraiser Qualifications.
The office has received a couple of phone calls from bankers requesting clarification of our comments included in the last all bank mailing regarding appraiser qualifications. The question is if the bank chooses to use a licensed appraiser on loans of $250,000 or less, does the licensed appraiser have to meet the qualifications for the type of appraisal he is completing. The answer is no. To provide banks flexibility in those areas of the state where there are a minimal number of appraisers, this requirement only applies to those loans greater than $250,000 on which an outside, licensed appraisal is required by law. If you have questions, please call the office.
